When a student is preparing to go to college, there are plenty of things to consider. Not only do you need to make sure that they have all of the essentials (toiletries, clothing, electronics, rugs, chairs, etc.), but you also need to make sure these things are protected. Although there are various ways to go about doing this, one of the best methods of protecting your college student’s belongings is by investing in college student renter’s insurance. With that in mind, here is a closer look at why that is.
Do College Students Need Renters Insurance?
If you are wondering about whether or not college students technically need renters insurance, that’s a bit of a loaded question. On the one hand, there is typically no mandate that requires each student to have renters insurance. On the other hand, with very few exceptions, most colleges will let students stay on campus no matter if they have renters insurance or not. So, generally speaking, renters insurance is not vital to your student’s ability to stay in college.
What Does Renters Insurance Cover?
Renters insurance is just like homeowners coverage, except that it doesn’t cover the building itself (the landlord takes care of that part). The coverage is broken down into three main parts:
Personal Property
These are the “contents” of your apartment; furniture, clothing, electronics, etc.; everything inside the apartment that you own. The policies cover direct physical losses like fire, burglary/theft, and damage from water or smoke. It’s a great idea to keep a photographic record of your belongings, especially the expensive items that way you can prove what you actually had in the apartment before it was destroyed or stolen.
Loss of Use
If you have a covered claim related to your personal property, the damage to the apartment could be so bad that you need to temporarily relocate to a hotel or another apartment. Renters insurance will help pay for those temporary living expenses. These costs can often far exceed the value of damaged contents.
Personal Liability
This part of the policy protects against lawsuits for injuries inside the apartment and/or caused by the student. This could be as simple as a twisted ankle or broken wrist, from a tumble down the stairs, or as serious as death following a boozy party.
Doesn’t my Homeowners Coverage Offer Some Protection?
Homeowners’ coverage will extend liability (lawsuit) coverage to students staying in a college dorm room, but not if they are renting a separate apartment. Similarly, most homeowners’ policies will extend some limited property coverage for contents (10% of the amount at home) while staying at a temporary location, like a dorm, but this also wouldn’t apply to the contents of a rented apartment.
What Does Renters Insurance Cost?
That’s the good news! Renters insurance is very affordable. Most policies cost less than $240 a year (only $15 to $20 per month). Bundling your renters and car insurance with the same company will usually qualify for a nice multi-policy discount too. Many insurance companies offer easy monthly installments, automatically paid from a credit card or checking account.
Key Takeaways:
- College students can benefit greatly from purchasing renters insurance even though it’s not mandatory.
- Mom and Dad’s homeowner’s policy won’t automatically cover students in off-campus housing.
- Renters insurance covers liability, personal property, and loss of use.
- Renters insurance is very affordable, usually on $15 to $20 per month.
Looking for the Best Renters Insurance for College Students?
Our personal insurance specialists are at your service. Reach out to us today to find out more about how we can help your college student obtain the proper student insurance plan. You can reach us by dialing 800-763-4775 or by sending a message to our email info@marineagency.com.
